New EVs cheaper than petrol for third month in a row
Brand new electric cars continue to cost less on average than petrol models, according to the latest data from Autotrader.
The online marketplace’s sales data for April shows that new EVs have now been cheaper on average for three consecutive months as new lower-cost models and manufacturer discounts take effect.
It also reported that continued concerns around fuel prices has seen interest in and demand for EVs climb. In April, 29% of all new car enquiries on Autotrader were for EVs – the first month they have taken the largest share.
Based on transactions on its platform, Autotrader reported that the average price of a brand new EV was £43,049 in April, compared with £43,178 for petrol models.
It said this was driven by “deep” manufacturer discounting — with average savings on new electric models sitting at 11.7% off RRP— combined with the Government’s Electric Car Grant.
It also pointed to the growing pool of more affordable EVs, with around 40 electric models now priced under £30,000 helping lower the barrier to entry for buyers.
Top-selling EVs last month included the Skoda Elroq, which starts at just under £30,000 with the ECG, the Renault 5, which is priced from £21,500 and the Kia EV3, priced from around £3,000.
Rising fuel costs are further accelerating this shift, with Autotrader’s data showing that improving EV affordability is translating into increased demand. Indeed, electric vehicles accounted for 29% of new car enquiries in April, marking the first month ever they have taken the largest share.
Bex Kennett, head of new car performance at Autotrader, commented; “Competition between manufacturers remains intense, particularly in the electric market, where more affordable models and attractive offers from brands like Skoda and Kia are drawing in buyers.”
According to Autotrader, the continued issue of high fuel costs is turning more drivers on to the benefits of EVs. Its recently published Electric Cars: The Facts report revealed that potential fuel cost savings for running an EV reached £960 last month, representing the highest savings since records began.
